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A commodity-focused fund managed by Neuberger Berman, a multi-billion-dollar asset manager, has opened the door to publicity to bitcoin and ether derivatives and funding vehicles, according to a regulatory filing on Wednesday.
Per the filing:
“Neuberger Berman Commodity Strategy Fund’s (the “Fund”) investment technique will allow actively managed exposure to cryptocurrency investments and digital assets through (i) cryptocurrency derivatives, such as bitcoin futures and ether futures, and (ii) investments in bitcoin trusts and exchange-traded funds to gain indirect exposure to bitcoin.”
Such actions will happen by way of a subsidiary agency, according to the document.
The wider commodity fund itself is broad in scope, with investments in derivatives tied to agriculture, livestock, energy and precious metals, among other areas. The CFTC first deemed bitcoin and other cryptocurrencies to be a commodity in 2015, opening the door to U.S.-based derivatives.
The brand new filing comes soon after Neuberger Berman disclosed a “Hedged Cryptocurrency Volatility Fund” in an SEC Kind D submitting.
The so-called Neuberger Berman Hedged Cryptocurrency Volatility Fund LLC had, as of July 29, made no gross sales to traders, per the filing. The filing notes a minimum investment of $5 million.
Previous commentary on bitcoin
Neuberger Berman’s blog featured an article on bitcoin this spring, entitled “The Bitcoin Experiment,” which noted: “From our perspective, the Bitcoin phenomenon is worth watching closely.”
The put up concluded by noting that “[f]rom our perspective, as a fundamentals-driven asset manager, an investment in cryptocurrency shouldn’t be thought-about a part of an ordinary asset allocation.”
“As a substitute, we’d moderately view it as an option that pays off when expectations for an unsure, inflationary future enhance, and make the finite, non-human managed to provide dynamics of cryptocurrencies valuable,” the post’s authors wrote.
Steve Eisman, managing director for the agency and writer of The Large Quick, stated earlier this year that he was staying out of bitcoin. “I keep out of it. I don’t perceive it,” he informed Bloomberg in January.
